After researching your criteria, most of what is currently active in the west end of Panama City Beach with two bedrooms (for older condominiums) looks to be in the $259,000 to $370,000. Even though prices in our area have declined, I'm inclined to think that the prices may plateau over the spring and summer season as more buyers are looking at buying at this time, and in the west end. There may be slight declines, however, I don't think it will be much. Now that Pier Park is open, the 32413 zip code is a great place to buy.
If your ever in the area Steve, we would love to speak with you. Our office is located in the west end of Panama City Beach. Do you know where the Beach Commerce Park is, off of PCB Parkway? Let me know when you come down!